Investor
Presentation
November 2025
Forward-Looking Statements
2
Disclaimer: Our commentary and responses to your questions may contain forward-looking statements, including our financial projections, within the
meaning of Section 21E of the Securities Exchange Act of 1934. Centrus undertakes no obligation to update any such statement to reflect later
developments. Factors that could cause actual results to vary materially from those discussed today include risks related to: the refusal or inability of Russian
government-owned entity TENEX, Joint-Stock Company (“TENEX”) to deliver LEU to us for any reason including but not limited to TENEX’s inability to obtain
licenses, in a timely manner or at all, pursuant to the November 2024 Russian Federation Decree 1544 which restricts the shipment of Russian LEU to the U.S.
without a specific license for each shipment; laws, bills or tariffs to ban or restrict (i) import of Russian material into the U.S. including the Prohibiting Russian
Uranium Imports Act (“Russian Imports Ban”) or (ii) transactions with Rosatom or its subsidiaries; the Company’s inability to secure additional waivers,
modifications to waivers, or other exceptions from the Russian Imports Ban or other sanctions in a timely manner or at all; the war in Ukraine and geopolitical
conflicts and the imposition of sanctions or other measures against TENEX or our other suppliers, or sanctions or other measures (including but not limited to
tariffs) that could impact our ability to purchase, obtain, deliver, transport or sell low-enriched uranium (LEU) under our existing supply contract with TENEX
or other suppliers; changes in the nuclear energy industry, pricing trends and demand in the uranium and enrichment markets and their impact on our
profitability, timing of physical delivery to customers, the competitive environment for our products and services; the impact and potential extended duration
of the current supply/demand imbalance in the market for LEU; trade barriers (including tariffs) and contract terms that limit our ability to deliver LEU to
customers; actions that may be taken by the U.S. government or other governments that could affect our ability, or the ability of our sources of supply, to
perform under contract obligations; the U.S. Department of Energy (“DOE”) not awarding contracts or task orders to the Company in response to any of the
Company’s proposals; DOE not issuing task orders under any of the LEU, HALEU, or Deconversion contracts or any major task orders to the Company under
those contracts; the Company not winning a task order under the LEU or HALEU contract to expand its respectively deploy its LEU or expand it’s HALEU
plant; DOE not providing adequate share of the appropriated funding; as well as those provided in our most recent Annual Report on Form 10-K and
subsequent reports as filed with the SEC.
Industry / Market Data: Industry and market data used in this presentation has been obtained from third-party industry publications and sources as well
as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you
of the data’s accuracy or completeness.
Proven Leadership
3
Amir Vexler Todd Tinelli Patrick Brown John M.A. Donelson, PE
President,
Chief Executive Officer
SVP,
CFO and Treasurer
SVP,
Field Operations
SVP,
Chief Marketing Officer
Education:
M.Eng. University of Toronto
M.B.A Wilfred Laurier University
Education:
B.S. Sacred Heart University
M.B.A. Western Connecticut
State University
Education:
B.S. Thomas Edison University
M.B.A. Tulane University
MSc University of Oxford
Education:
M. Eng. University of Virginia
M.B.A. Queens University of
Charlotte
Prior Experience: Prior Experience: Prior Experience: Prior Experience:
Sprague Resources LP
CFO
National Grid
Vice President, Strategy and Operations
Duke Energy Corporation
Engineer
Newport News Shipbuilding
Engineer
Sempra Energy Trading Corp.
Senior Operation Analyst
Global Nuclear Fuels
CEO, Chairman of the Board
Orano USA
CEO, President
Ernst & Young
Senior Director, Strategy & Transformation
Urenco
Enrichment Operations Leader
U.S. Navy
Nuclear Power Operations
Premcor Refining
Senior Credit Analyst
Ticker and Exchange:
LEU (NYSE American)
Headquarters:
Bethesda, MD
Number of Employees
1
:
372
Market Capitalization
1
:
$5.4 billion
2024 Revenue:
$442.0 million
2024 Net Income:
$73.2 million
Centrus Overview
Compelling Investment Opportunity
4
National Security and Commercial Nuclear Supply Chain Partner
Uniquely positioned to serve national security needs
Leading Nuclear and Clean Technology Company
Forging the path towards U.S. energy independence
#1 American Uranium Enrichment Company
Facilitating the energy transition for a greener future
Key Facts
National Security
Technical Solutions
Enriched Uranium Fuel (LEU)
- LEU Customer
High-Assay Low-Enriched Uranium (HALEU)
79%
21%
Diverse Service Offering
$442M
2024 Revenue
Technical
Solutions
Segment
LEU
Segment
4
(1)
As of September 30, 2025
Nuclear Fuel Cycle
Uranium ore mining
Uranium ore milled into
yellow cake
Yellow cake converted into
UF
6
gas
UF
6
enriched to increase the
concentration of U
235
Enriched UF
6
fabricated into
fuel pellets
Nuclear Reactor
Legend
1
LEU segment: Acting as a broker, Centrus provides
the enrichment component of LEU primarily to utilities
that operate commercial nuclear power plants.
The enrichment component of LEU is measured in
Separative Work Units (SWU).
Centrus also sells natural uranium hexafluoride (UF
6
)
and occasionally sells uranium concentrates, uranium
conversion, or LEU with the natural uranium
hexafluoride and SWU components combined into
one sale.
2
CTS Segment: Includes Centrus’ technical solutions
and in-house enrichment operations, dedicated to the
restoration of America's domestic uranium enrichment
capabilities for LEU and HALEU.
1
2
5
Current Operating Structure
Centrus
LEU Segment
CTS Segment
Engineering
Services
Business Unit
Government
Services
Commercial
Services
Fuel Components
Manufacturing
Business Unit
Commercial
Production
National
Security
Production
Advanced
Technology
Production
Consolidation Level
Broker business supporting customers’ fuel needs
Enrichment and technical services
21
7
3
6
54
Legend
1
Current and future HALEU production, future LEU
production, and other uranium enrichment in the future
for national security missions.
2
Leveraging Centrus’ technical capabilities to provide a
range of other products and services for public and
private customers.
3
Future LEU production for the existing reactor fleet.
TAM: ~$4.3B per year
1
4
Future uranium enrichment for U.S. national security missions.
TAM: ~$3.1B to $4.8B overall
1
5
Current and future HALEU production for next-
generation small modular reactors and microreactors.
TAM: ~$6.2B per year by 2035
1
6
National Laboratories and other government entities.
7
Untapped market. Engineering, advanced manufacturing
and other technical services for commercial entities.
1
TAM = total addressable market; see slide 10 for more information
6
Financial Snapshot
7
Contingent LEU Sales
Commitments (included in Backlog)
Annual Net Income Growth
2017-2024 CAGR
Reduction in Annual SG&A
Cost 2018-2024
Backlog
as of 9/30/2025 (Including
contract options and LOIs)
Unrestricted Cash & Cash
Equivalents
as of 9/30/2025
Deferred tax asset,
net of valuation allowance
as of 9/30/2025
$2.3B
29%
$3.7M
$3.9B
$1.6B
$25.8M
Financial strength and flexibility, coupled with favorable industry tailwinds, positions Centrus for growth
The World Embracing Nuclear Energy
8
1/22/24
3/3/24
1/6/24
Achieving Global Targets Requires Nuclear
40%
Expected growth in nuclear over next three
decades without new climate policies
x3
Achieving net zero emissions by 2050 would
mean tripling U.S. nuclear generation
1
100%
Nuclear energy would have to more than
double to meet global climate targets
2
9/10
9 out of the 10 reactors selected by the
Department of Energy’s Advanced Reactor
Demonstration Program operate on HALEU
1
Pathways to Commercial Liftoff, U.S. Department of Energy (March 2023)
2
Median scenario of International Panel on Climate Change study that evaluated 85 possible pathways to meeting global climate targets
“[We] have identified potential areas of collaboration on nuclear fuels to support the stable supply
of fuels for the operating reactor fleets of today, enable the development and deployment of fuels
for the advanced reactors of tomorrow, and achieve reduced dependence on Russian supply chains”
“It’s a technology we developed, but yet we import most of it from abroad, and most that’s enriched
in the U.S. is by companies that are not American companies…We need to build American
infrastructure, on mining, on enrichment….It is very sad how dependent we have become on imported
enriched uranium from Russia
National SecurityCommercial Strategy
Centrus’ diverse base of enrichment supply includes inventory, medium- and
long-term supply contracts, and spot purchases.
Long-term supply contracts for SWU with Russian (TENEX) and French
(Orano) enrichment companies
U.S. utilities purchased ~3.9 million Russian-origin SWU from Centrus and
Russia in 2023
24% of U.S. demand in 2023
$3.0B LEU
Revenue
Backlog
Through 2040
Utility
Customers:
U.S., Asia,
Europe
Global
Network
of
Enriched
Uranium
Suppliers
9
Centrus’ AC100M centrifuge is the only deployment-ready U.S. technology
capable of meeting national security requirements.
An integral element of the nuclear supply chain, servicing both government and commercial customers
Centrus has successfully demonstrated LEU and HALEU production capabilities
Nuclear Forces
Tritium Production (LEU)
Naval Reactors
(HEU)
Space Missions
(HALEU)
Military Microreactors
(HALEU)
Nonproliferation
Research Reactor Conversion (HALEU)
Reactor Demonstrations
(HALEU)
DEFENSE MISSIONS
OTHER MISSIONS
Central to the Nuclear Value Chain
Strong and Growing Total Addressable Market
10
Global Utilities
Advanced
Reactors
U.S.
Reactors
National Security
Positioned to Capitalize on Significant and Growing TAM Opportunity
LEU opportunity
$2.4 Billion per year
HALEU opportunity
$2.2 Billion per year by 2030
$6.2 Billion per year by 2035
LEU opportunity
$1.9 Billion per year
Catalyst: ~$3.4B federal investment in HALEU and LEU
~$700M for HALEU in the Inflation Reduction Act + $2.7B for LEU and HALEU signed into law as part of the Consolidated Appropriations Act of 2024.
Based on the World Nuclear Association’s
estimated U.S. annual demand (~15M SWU/yr) at
current market price of ~$160/SWU.
Based on the NEI survey of reactor developers for
HALEU demand, assuming average 17% U235.
Enrichment of LEU feedstock at market price of
$160/SWU. HALEU enrichment is based on the
Nuclear Innovation Alliance Dec. 2023 estimate of
$1,000 per HALEU SWU. This results in a blended
SWU price of $262/SWU. Actual quantities and
prices will vary based on market conditions.
Based on the U.S. Department of Energy’s
estimate of the cost of building a national
security uranium enrichment capability as part of
its 2015 Tritium and Enriched Uranium
Management Plan.
Accessible market size is based on a market
enrichment price of $160/SWU times the total
annual SWU requirements of Japan, Korea, Ukraine,
South Africa, Brazil, Mexico, and the UAE, plus 20%
of the annual SWU requirements of Western
European and Central European nations, as
identified in the World Nuclear Association’s 2023
Fuel Market Report. Excludes cost of natural uranium,
conversion or fuel fabrication.
Current
Future
Market Opportunity
LEU, HALEU & HEU opportunity
$3.1-$4.8 Billion
Centrus Go-to-Market
11
Stable cashflow generation with market-leading
cost position
Distribution business with leading position
connected to the full value chain and years of
experience developing relationships
Well-entrenched player across the entire global
nuclear supply chain from beginning through to
customer delivery
Conversion
Enrichment
Fabrication
Deconversion
De-risked technology and capabilities
LEU Segment
High-growth segment with tremendous
opportunity across commercial and government
customers
National security
Advanced nuclear reactor market
Existing nuclear reactor fleet
Only deployment-ready U.S. technology
capable of meeting national security
requirements
Demonstrated success in producing high-assay,
low enriched uranium (HALEU) and only holder of
Nuclear Regulatory Commission (NRC) license to
produce HALEU
Strong asset base with proven ability to produce
LEU to support existing global commercial
nuclear fleet of reactors
CTS Segment
Unique and diversified business model with both stable and high-growth opportunities
Segment Summary
LEU Segment Overview Broker/Trader Business
Supplying components of nuclear fuel to utilities from a global network of suppliers
Stable cashflow positive business involved in the sale of nuclear
fuel components to commercial nuclear power plants.
The majority of these sales are for the enrichment component
of LEU, measured in separative work units (“SWU”)
Centrus also sells natural uranium hexafluoride (the raw
material needed to produce LEU) and occasionally sells
uranium concentrates, uranium conversion, or LEU with the
natural uranium hexafluoride and SWU components combined
into one sale.
Global LEU Backlog includes long-term sales contracts with major
utilities through 2040
Diverse base of firm and prospective supply that includes:
Existing inventory of LEU
Mid-and long-term contracts with enrichment producers
Purchases and loans from secondary sources
Spot purchases of SWU, uranium and LEU
Differentiators
$3.9B Revenue Backlog with contracts through 2040;
LEU segment Backlog of ~$3.0B
World’s most diversified supplier of enriched uranium
Business relationships with 35+ nuclear utilities
Leading customers include Fortune 500 utilities
12
CTS Segment Overview
Segment Summary
Deploying advanced uranium enrichment capabilities to meet the evolving
needs of the global nuclear industry and the U.S. government
Demonstrated ability to produce HALEU, used to fuel most major
advanced reactors in development
Opportunity to resume production of LEU for existing reactors as utilities
transition away from Russian imports
Technical, manufacturing, engineering and operations services offered to
public and private sector customers
Differentiators
Built the only U.S. facility licensed to produce HALEU. Already
licensed for LEU production
Capacity is scalable to meet any level of demand
Only deployment-ready U.S. technology capable of
meeting national security requirements for enriched uranium
Manufacturing facility in Oak Ridge, Tennessee and production
facility in Piketon, Ohio
13
Advanced Manufacturing (Services and Capabilities):
Sustained volume production at
ultra-high precision at our
440,000 square ft. climate-
controlled manufacturing facility
The ability to manufacture using
almost any metal or composite
High precision composites
fabrication for parts with on-site
testing of finished product
Robust engineering and project
management functions with a full
suite of software platforms to
support government and other
projects
Strong Relationships with Key Nuclear Players
14
Signed several agreements with key nuclear players to further spur development of next-generation nuclear capabilities
Oklo
Oklo is a developer of advanced fission
power plants seeking to provide clean,
reliable and affordable energy at scale
through its HALEU Aurora reactor
TerraPower
Nuclear innovation company
developing multiple classes of advanced
reactors including a Molten Chloride
design, Traveling Wave Design and
HALEU SMR
X-Energy
X-energy is a developer of an advanced
Small Modular Reactor and fuel
technology seeking to redefine the
nuclear industry through its flagship
HALEU SMR, the Xe-100
Subsidiary of the Korea Electric Power
Corporation. It operates large nuclear and
hydroelectric plants in South Korea,
which are responsible for about 27
percent of the country's electric power
KHNP
Abundant Room for Expansion
15
Operational footprint exceeds requirements to meet full range of commercial and national security requirements for LEU and HALEU
Existing process buildings can host approximately 3.5 million SWU per year
Ability to expand to 7 million SWU per year
Began HALEU enrichment operations on October 11, 2023, under
Department of Energy Operations Contract
Completed Phase I of Operations Contract and successfully delivered 20
kilograms of HALEU ahead of schedule and under budget
Completed Phase II with 900 kilograms of HALEU contractually delivered
to the DOE
Investing in the FutureProven Infrastructure
11/20/24: Announced it is resuming centrifuge manufacturing activities
and expanding its manufacturing capacity at Oak Ridge, Tennessee,
facility
Investing additional $60 million over next 18 months
Investment lays groundwork to support potential large-scale
expansion of uranium enrichment in Centrus’ Piketon, Ohio, facility
Technology exclusively manufactured in Oak Ridge and supported by
nationwide supply chain of 14 major suppliers
All suppliers are American companies
Operations in at least 13 states plus dozens of other smaller suppliers
Department of Energy HALEU Contract Award
16
November 2022: Won HALEU Operations Contract, providing for years of continuous
cascade operations
Project Timeline
Contract Benefits
First U.S.-owned, U.S.-technology
enrichment plant to begin production
in 70 years
Critical step toward restoring domestic
enrichment capabilities
~$230 million base contract value for
1
st
two phases through June 2025,
subject to further negotiation
Capacity for Centrus to scale up
Piketon facility for additional HALEU
production outside the DOE contract
Phase 1 Phase 2 Phase 3
Objective
Complete construction of
cascade
Demonstrate production of
20kg of HALEU
Full year
1
of production and
operations and a
production target of 900kg
of HALEU
DOE exercised First Option
period of Phase 3
Timing
Completed ahead of
schedule and under
budget
Phase 2 production
Completed
Through June 30, 2026
Financial
Impact
$30 million cost share
contribution by Centrus
$30 million contribution by
DOE
Cost-plus-incentive-fee
basis
~$170 million Fully funded
value
2
Cost-plus-incentive-fee basis
DOE option to exercise
additional option periods
First Option:
Target Cost: $99.3 million
Target Fee: $8.7 million
9 of 10 advanced nuclear reactor designs selected for funding under DOE
Advanced Reactor Demonstration Program will rely on HALEU
1
Period of performance was extended by 8 months through contract modification
2
Extension period subject to further negotiation
Russian Uranium Imports Ban Law as Potential Tailwind
76%
24%
U.S. Utility Enrichment
Purchases (2023)
Russia
Other Foreign,
State-Owned
Corporations
Imports Ban LawCurrent Status Quo
Global
enrichment
deficit absent
Russian supply
~13M
SWU/yr
Equivalent to entire annual requirements
of either U.S. or Europe
Russian-origin
SWU purchased
by U.S. utilities
in 2023
~3.9M
The Prohibiting Russian Uranium Imports Act
Signed by President on May 13, 2024 effectively eliminates
Russia as a competitor for enriched uranium in U.S. post 2027
Released $2.7 Billion in funding to promote the development of
domestic uranium enrichment
*November 2024 Russian Federation Decree puts immediate
restrictions on exporting Russian LEU from Russia to the U.S.
Centrus continues to receive shipments of enriched uranium*
20% U.S. electricity from nuclear energy
17
DOE Waivers Granted
Waivers granted to Centrus for Russian supply for 2024 and 2025
Received DOE waivers for committed 2026 and 2027 deliveries
Centrus has waiver request pending for uncommitted 2026 and
2027 deliveries
Waivers issued to Centrus by Department of Energy
* TENEX has informed Centrus of its plan to seek additional export licenses to meet its delivery obligations under the
TENEX Supply Contract for our other pending and future orders.
Glossary of Terms and Abbreviations
19
Abbreviation
Definition
LEU
Low
-Enriched Uranium: used in majority of existing commercial reactors with a U-235 enrichment level just below 5%
HALEU
High
-Assay, Low-Enriched Uranium: required by majority of next generation reactors, U-235 enriched as high as 19.75%
HEU
Highly Enriched Uranium: 20% or higher concentration of U
-235
SWU
Separative Work Unit: unit by which LEU uranium enrichment is bought and sold
Piketon
Production facility in Piketon, Ohio, where LEU and HALEU production has been licensed and successfully proven
NRC
U.S. Nuclear Regulatory Commission
NRC License
Centrus currently is the only company with an NRC license to enrich uranium up to the 20% U
-235 concentration that is contained
in HALEU
and is the only company known to Centrus to produce HALEU outside of Russia.
Separately, Centrus was an LEU enricher until 2013 and its Piketon facility is already licensed for LEU production.
TAM
Total addressable market
TENEX
Russian government
-owned entity TENEX, Joint-Stock Company
Russian Uranium
Import Ban
H.R. 1042
- Prohibiting Russian Uranium Imports Act - signed into law by President Biden on May 13, 2024, prohibits importation of
Russian material with potential waivers to 2028.
The Department of Energy may waive the ban if DOE determines that: (1) no alternative viable source of low
-enriched uranium is
available to sustain the continued operation of a nuclear reactor or a U.S. nuclear energy company, or (2) importation of the
ur
anium is in
the national interest. Any waiver issued must terminate by January 1, 2028. The ban terminates on December 31, 2040.